For the first time, the 30 most valuable companies in the Baltics are announced: in the first place – during the pandemic, the value of 1 billion. Lithuanian company raised by EUR

If a pandemic has brought losses and losses to some businesses, it has opened the door to success for others. Among the latter is the company Vilniaus prekyba, which increased its value by one billion euros in the year marked by quarantine and economic restrictions and became the leader in the list of the 30 most valuable companies in the Baltic States for the first time.

The list of the most valuable companies in the Baltics was compiled by Confidentus and Prudentia following a financial analysis of large companies and an assessment of public information on corporate governance and transparency by experts from Nasdaq’s offices in Vilnius, Riga and Tallinn.

The top 30 most valuable companies in the Baltics are companies with a value ranging from 569 million. up to 4.7 billion. euros. Among them are ten companies headquartered in Lithuania.

The list of the most valuable companies also includes ten companies with headquarters in Estonia and three companies with headquarters in Latvia. Some of these companies have five subsidiaries operating in Lithuania.

The top 30 also includes seven companies with extensive operations in all three Baltic countries (eg Swedbank, SEB banks, Tele2, etc.), although they are headquartered in other countries.

List leaders have used the pandemic for business success

Vilniaus Prekyba, which has risen to the top 30 of the most valuable companies, manages the Maxima, Akropolis, Ermitažas shopping centers, the Euroapotheca pharmacy chain and real estate development and rental services companies through its subsidiaries. Vilniaus Prekyba, which operates in the Baltic States and Poland, Bulgaria and Sweden, has a total of 46 thousand employees through its managed companies. employees, with a turnover of almost 5.3 billion last year. euros.

According to Kristupas Kukarskas, an expert who has analyzed the value of Lithuanian companies and a partner of Confidentus, one of the largest Lithuanian companies, Vilniaus Prekyba is a great example of how to use the complex pandemic situation and all related challenges for business development.

“Operating in a relatively favorable sector – trade and successfully applied strategy – has resulted in quarantines and economic restrictions only for the company to increase growth. Our research has shown that Vilniaus Prekyba has increased its value by one billion euros in recent years – from 3.6 billion euros. To 4.7 billion in 2020. EUR, in 2021, thus securing the positions of the most valuable company in the Baltic States, ”said K. Kukarskas, one of the research experts.

Andrius Mikalauskas, director of Vilniaus Prekyba, says that during the pandemic, the company had to urgently ensure the safety of employees and customers, to adapt to various restrictions. “But when every member of the team knows what they’re doing and why they’re doing what they’re doing, even in a pandemic, you can not only meet people’s changing expectations, but also look for new business opportunities,” he says.

According to A. Mikalauskas, the fact that Vilniaus Prekyba has been recognized as the most valuable company in the Baltic States shows that the company is moving in the right direction. “On the other hand, it is quite natural – the Vilniaus Prekyba group of companies unites the most employees in the Baltic States, and people are the greatest value of the organization,” said the director.

However, the research also revealed interesting surprises, for example, that another Lithuanian company, Thermo Fisher Scientific Baltics, a biotech company owned by a large US corporation, is already on the heels of the trade giant, which is not far behind Vilnius Trade in terms of value. This year, the value of Thermo Fisher Scientific Baltics has been estimated by experts at 4.4 billion. and it is at the top of the top 30 companies.

Thermo Fisher Scientific Baltics also increased its revenue dramatically from 440 million during the pandemic. Eur 2019 up to 1.2 billion Eur 2020 The company increased its revenue the most in Vilnius by producing products for the management of the COVID-19 pandemic: the company produces components for COVID-19 PCR tests and reagents for mRNA-based vaccines.

According to K. Kukarskas, Thermo Fisher Scientific Baltics publishes a very limited amount of information related to the management, structure and activities of a Lithuanian company and has only a Lithuanian website focused on the search for new employees. According to the M&A expert, this may be due to the fact that the company, as part of a large foreign corporation, simply does not value it and provides all the information only about the parent company. However, these factors are already having a direct impact on the value of the company, with Thermo Fisher Scientific Baltics performing the most in the rankings of Vilnius Trade this year due to a significantly lower Corporate Governance ratio, which is determined by an assessment based on information published on companies’ websites.

For comparison, the corporate governance ratio of Vilniaus Prekyba is 44 this year, and that of Thermo Fisher Scientific Baltics is 7, with a maximum of 100.

“When assessing the value of a company, it is not only the financial situation of the company that is important, the value of future cash flows to shareholders and financial creditors, or the size of equity in the case of banks. By monitoring and analyzing business processes in Lithuania and in the world, mergers and sales of companies, we see a tendency that its transparency, openness and governance based on the principles of sustainability become a significant component of the company’s value. Such an assessment, based on publicly available information, is also performed in our study. However, some companies do not pay enough attention to it, therefore, after the management assessment, the value of some companies has significantly decreased, ”said K. Kukarskas, a partner of Confidentus.

Among the goals of the project is to promote Global competitiveness of Baltic companies

“We congratulate Lithuanian companies on the list of the most valuable Baltic companies and are pleased to see six companies listed on the Nasdaq Baltic market, two of which are from Lithuania,” said Saulius Malinauskas, President of the Nasdaq Vilnius Stock Exchange.

“The list of the most valuable companies in the Baltic States showed that the maximum indicator of good governance practice was collected this year by the listed Lithuanian energy company Ignitis Grupė. We hope that such examples of transparency, good corporate governance, and relations with investors will encourage more companies to strive for higher standards, and the list of Lithuanian companies in this ranking will expand in the future, ”said S. Malinauskas.

Swedbank (76 / 3.9 billion euros) and SEB (76 / 2.5 billion euros), which had high corporate governance ratios this year, rank third and fourth in the top 30, respectively. The only good governance practice indicator (100) was collected by the only company in the list – the Lithuanian energy company Ignitis grupė, which took the fifth place in the ranking of the most valuable. The value of this company (as well as others listed on the stock exchange) is 2.2 billion. calculated on the basis of its stock exchange price.

The most valuable Estonian company was another energy company, Eesti Energia (€ 2.1 billion), which ranked sixth, followed closely by the most valuable Latvian company, the energy company Latvenergo (over € 2 billion). The full list of the most valuable companies in the Baltics is published on the Internet at

“We are very pleased that the initiative launched in Latvia 16 years ago, Prudentia and Confidentus, has grown into a project for the Baltic States. The TOP 30 of the most valuable companies in the Baltics is unique analytical information that allows the public to look deeper not only into the financial results of each listed company, but also promote the global competitiveness of Baltic companies, ”said Kārlis Krastiņš, Managing Partner of Prudentia. By the way, Prudentia annually compiles local lists of the TOP 101 most valuable companies in Estonia ( and Latvia (

The value analysis of companies in the Baltic States assessed the data of approximately one thousand companies in Lithuania, Latvia and Estonia. The value of companies (in the case of financial services companies, the value of equity) was determined using the comparative multiplier method and an assessment of the transparency, openness and governance of companies. The values ​​of listed companies were calculated on the basis of the stock exchange price.

The study assessed only publicly available data from companies registered in the Baltic States, so some technology start-ups and unicorns were not included in the list. If the company operates in several Baltic countries, their value has been assessed on a consolidated basis.

30 most valuable companies in the Baltics (value in Eur)

1.Vilniaus prekyba, UAB 4.698 billion.

2.Thermo Fisher Scientific Baltics, UAB 4,371 mlrd.

3.Swedbank Group            3,880 mlrd.

4.SEB Bank Group              2,520 mlrd.

5.Ignitis Grupo, AB 2,236 mlrd.

6.Eesti Energia, AS 2.092 billion.

7.Latvenergo, AS 2.062 billion.

8.Telia Group                      1,981 mlrd.

9.Luminor Bank, AS            1,707 mlrd.

10.ME Investicija, UAB 1.704 billion.

11.Latvijas Valsts Meži, AS 1.460 billion.

12.Lithuanian Railways, AB 1.438 billion.

13.Graanul Invest, AS 1.293 billion.

14.Mikrotikls, SIA 1.241 billion.

15.Tallink Grupp, AS 1.2 billion.

16.Achema Group, UAB 980 mln.

17.Tele2 Group                   953 mln.

18.Riigi Kinnisvara, AS 922 million.

19.Epso-G, UAB 828 mln.

20.Rimi Group                    791 mln.

21.Bitė Lietuva, UAB 759 mln.

22. State Forest Management Center, SA 735 mln.

23.LHV Group, AS 707 mln.

24.Tallinn Sadam, AS 705 mln.

25.Tallinna Kaubamaja Grupp, AS 661 million.

26.VG Holding, UAB 632 mln.

27.Gren Group 608 mln.

28.Utility, OÜ 597 mln.

29.Teva Baltics, UAB 580 mln.

30.Circle K Group                569 mln.


Announced by: Giedrė Buivydienė, Strategic Communication Agency “Brainstorm”

The BNS Press Center publishes press releases from various organizations. The persons who published them and the organizations they represent are responsible for the content of the notices.